Archive for August, 2010

Closings Slightly Ahead of 2009

Kathy Riggs August 29th, 2010

If you turned on the tube or picked up a newspaper in the last week I don’t have to tell you the news – housing sales dropped by 27 percent in July! REALTORS everywhere have been stopped in grocery stores, malls and wherever to face the questions “How’s the real estate market”? Are you selling anything?
Well, the statistics are a national compilation. A drop is certainly expected after the tax credit carrot that dangled in front of buyers for more than 12 month was pulled away. Do you expect the traffic at your local mall to increase the day after the year’s biggest sale? Of course not.
While some time must past for the housing market to even out, focusing on a the positive can certainly outweigh the negative. I prefer to compare sales to the same time period from the previous year. It’s true sales have dropped in past years, but we are on the upswing. Closings reported by the Kinston/Lenoir County Regional Board of Realtors MLS indicate sales are up about eight percent over 2009. Historically low interest rates, the amount of inventory and motivated sellers combine to make this a great time to buy a house. And regardless of national trends some markets may be on the upswing. Cities and communities that never experienced the housing bubble are not experiencing the same rate of deflated home values.
So, if you are a future buyer or seller, your first call should be to a local REALTOR. Ask questions about local market trends and what, if anything is consistent with the national news.
Now as always, your home will probably be your best long-term investment.
On the Lighter Side…
A real estate salesman had just closed his first deal, only to discover that the piece of land he had sold was completely under water.
“That customer’s going to come back here pretty mad,” he said to his boss. “Should I give him his money back?”
“Money back?” roared the boss. “What kind of salesman are you? Get out there and sell him a houseboat.”
Shameless Plug
If you are looking a building lot in Banks School district, I have one in Erwin Hills. Ideal for stick-built or true modulars. Call me at 252-939-2432 or email kriggs@kathyriggs.com

It’s All Local

Kathy Riggs August 15th, 2010

Real estate and politics have something in common that can be summed up by a popular adage, “it’s all local.”
Television news programs and the talking heads that have become a part of our culture have bombarded us recently with different takes on the economy. Are we heading for a double-digit inflation? Is the unemployment rate rising or falling? Listen to enough broadcasts and you may find what you want to hear.
However, there is one repeating commercial that sums it all up. Those spots sponsored by National Association of REALTOR remind us “Every market is different.” And buyers and sellers need to keep that in mind.
Some areas of the country have experienced a housing bust. Others never experienced the boom so the market didn’t have as far to fall. Many factors affect the marketability of a house beside the bricks and mortar. Economic factors, school districts and crime levels can make the same house more valuable in one neighborhood than another. Many sellers have learned this reality only after being saddled with the task of selling there parents’ home when one lives there anymore. Sellers who have moved to another town or state should not expect a property in one town to have the same value as it would in another city. Although the Internet allows us to shop from home, the best source for the facts about a particular market is one of the local REALTORS whose bread and butter is dependent on the market they work.
So before you list or start house hunting contact a REALTOR in that particular market. REALTORS are armed with the facts and figures you need to know if you are buying or selling. As the spokesperson says “Every market is different. Contact a REALTOR today.”
On the Lighter Side…
Note to Landlord: I am writing on behalf of my sink which is running away from the wall.
SHAMELESS PLUG
I have the perfect property for a trendy or quaint dining establishment just waiting for a new owner. The price has been greatly reduced. Property is in the middle block of a downtown section undergoing a rebirth. Neighborhing businesses include gift shops, hardware stores, specialty restaurants and a brewery. Call me at 252-939-2432 or email me at kriggs@kathyriggs.com for more information